A depository institution that is owned by its depositors, who are often members of a common organization or association, such as an occupation, a religious group, or a community, is called a(an) _____.

Question

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The description given matches that of a credit union, which is owned by its members who are usually part of a common group. A) Underwriting syndicate refers to a group of investment banks that work together to sell new securities to the public. B) Mutual fund is an investment company that pools money from multiple investors to invest in securities. C) Investment bank provides financial services to corporations, governments, and other institutions such as underwriting of securities and mergers and acquisitions. E) Commercial bank is a financial institution that accepts deposits from the public and provides various financial services such as loans, mortgages, and credit cards.

A Depository Institution That Is Owned by Its Depositors, Who